Aquestive Posts $16.5 Million Loss as Third-Quarter Revenue Falls 41%
Key Facts
Aquestive Therapeutics reported a net loss of $16.5 million in the third quarter, or $0.13 per share, after the market closed on November 3, 2026, compared with a loss of $15.4 million, or $0.14 per share, in the same period of 2025. The per-share loss improved even as the net loss in dollars widened. Revenue was $7.6 million, down 41% from $12.8 million a year earlier. The company attributed the decline mainly to quarterly fluctuations in orders for its Suboxone product. The results were for the quarter ended September 30, 2026, and the announcement was issued at 4:01 p.m. Eastern Time on November 3.
The company’s stock, which trades under the ticker AQST, closed at $3.77 on November 2, down from $3.89 on October 30. The price recorded on November 2 was from the day before the results announcement, which was published after the market closed on November 3. It therefore does not represent a stated market response to the quarterly figures. The company’s disclosures did not establish that the price movement ahead of the announcement was due to the results. The revenue and loss figures were reported by the company in its third-quarter financial release.
Manufacturing and supply revenue fell to $6.7 million from $11.5 million in the year-earlier quarter. The company said lower Suboxone revenue due to the timing of product orders was the main reason, partly offset by higher Ondif revenue. Licensing and royalty revenue declined to $0.8 million from $1.0 million. The company attributed the decrease to lower estimates of royalty revenue. Together, these items reflect the sources of the quarterly revenue decline cited by the company.
On the expense side, research and development costs fell to $4.3 million from $4.5 million a year earlier. The company attributed the decline to lower stock-based compensation. It said, however, that the decrease in expenses was partly offset by higher clinical trial costs related to Anaphylm studies. Meanwhile, the adjusted EBITDA loss, a non-GAAP measure, widened to $12.2 million from $8.6 million in the third quarter of 2025. The measure shows year-over-year deterioration despite lower research and development costs.
Cash and cash equivalents totaled $90.349 million on September 30, 2026, compared with $121.169 million on December 31, 2025. The company also said it manufactured about 26 million doses in the third quarter, compared with about 44 million in the same period of 2025. For the nine months ended September, production totaled about 107 million doses in 2026, compared with about 108 million in the year-earlier period. This places the quarterly decline in the context of year-to-date manufacturing, which remained close to its level a year earlier. The company did not provide an additional explanation in these figures for the change in quarterly production volume.
Aquestive left its 2026 financial guidance unchanged, expecting revenue of between $46 million and $50 million. It also maintained its adjusted EBITDA loss range of between $30 million and $35 million. The company said it would discuss its third-quarter results on an investor call on November 4, 2026, at 8:00 a.m. Eastern Time. The call follows a quarter in which revenue declined and the adjusted measure’s loss widened from a year earlier. The published guidance keeps the company’s annual financial framework unchanged despite these quarterly developments.
The key regulatory development concerns Anaphylm. On October 15, the company said the U.S. Food and Drug Administration had accepted the resubmission as a Class II response. The agency set March 16, 2027, as the target action date for the application. The company had said a submission to Health Canada was expected in the fourth quarter of 2026, while a European filing was planned for the first quarter of 2027. Chief Executive Daniel Barber said, "We see a clear path to making Anaphylm available, with an FDA target action date of March 16, 2027." The company added that it continued to prepare for launch and build a field sales team to engage with allergists after approval. This regulatory timetable links the product’s next steps to the filing and U.S. decision dates announced by the company.